NetApp Q1 beats estimates on AI demand; raises FY27 outlook
NTAP•Outlook
- NetApp sees Q2 net revenues between $2.025 bln and $2.175 bln
- Company expects Q2 non-GAAP EPS of $2.54 to $2.64
- NetApp raises FY27 net revenue outlook to $7.975 bln-$8.225 bln
Overview
- U.S. data infrastructure firm's fiscal Q1 revenue grew 30%, beating analyst expectations
- Adjusted EPS for fiscal Q1 beat analyst expectations
- Company raised full-year 2027 revenue and EPS guidance
Result drivers
- All-flash array growth - Record all-flash array net revenue rose 47% year-over-year, helping drive overall revenue growth
- Public Cloud segment - Public Cloud net revenue grew 28% year-over-year to a record $206 mln
- AI and multi-cloud demand - CEO said customer adoption for AI and hybrid multi-cloud initiatives contributed to momentum
